Mahindra Lifespaces acquires land parcel in south Bangalore

The 4.25-acre land tract is in the Singasandra neighbourhood of south Bangalore and was purchased by Mahindra Lifespace Developers, the Mahindra Group's real estate and infrastructure development division.

The site is predicted to have a gross development value of over $4 billion and a developable potential of over 4.6 lakh square feet, with the majority of that space being used for luxury residences.

We are pleased to add this new project to our portfolio because Bangalore is a critical growth area for our residential industry. The introduction of our residential property Mahindra Eden had an overwhelmingly positive response, and this project, which will be our third in Bangalore, follows, according to Arvind Subramanian, MD & CEO of Mahindra Lifespace Developers.

He claims that this most recent acquisition is in line with the company's objective of increasing the developer's footprint in the city's important micromarkets and further strengthening its foothold in India's information technology (IT) capital.

The land piece is conveniently situated off Hosur Road and provides access to nearby social infrastructure, including educational institutions, medical centres, and shopping areas. The land piece is also close to Electronics City, India's largest IT and electronics cluster.

Mahindra Lifespace Developers anticipates beginning construction on the project's first phase in 2023.